MicroStrategy Says It Never Committed to Never Selling Bitcoin

MicroStrategy Executive Chairman Michael Saylor stated that the company has never formally committed to a perpetual hold policy on Bitcoin and expects to remain a net buyer of the asset over the long term, even as it maintains the right to sell when necessary.

Saylor framed potential Bitcoin sales as corporate finance decisions rather than signals that the company is abandoning its long-term commitment to the digital asset. He emphasized that MicroStrategy's Bitcoin monetization program does not require liquidating any holdings, and reiterated the company's expectation to accumulate more Bitcoin than it sells over time.

The clarification follows investor scrutiny surrounding the company's treasury strategy after disclosures revealed MicroStrategy could sell Bitcoin to support preferred stock obligations and manage liquidity. Earlier this week, the company reported a significant quarterly loss driven largely by Bitcoin's decline below its average acquisition cost. MicroStrategy also confirmed it had sold Bitcoin for the first time in several years to fund preferred stock dividends and disclosed board authorization for additional sales if required for liquidity management.

Saylor stressed these measures should not be interpreted as a shift away from accumulation. MicroStrategy currently holds approximately 843,775 BTC, making it the largest publicly traded corporate holder of Bitcoin. The company adopted Bitcoin as its primary treasury reserve asset in 2020 and has repeatedly raised capital through equity offerings, convertible notes, and preferred stock issuances to fund further accumulation.